Nigeria’s entertainment industry is now worth $10.8 billion in revenue.
The US International Trade Administration gave the estimate, emphasising that the industry is largely driven by Nollywood films and Afrobeats music.
Nollywood alone produces more than 2,500 films per year.This makes it the world’s second-largest film industry by volume.
Afrobeats has also contributed over $8 billion to the economy, with major artists like Burna Boy, Wizkid, and Rema reaching a global audience.
“The rise of streaming really helped. Platforms like Netflix, Amazon Prime Video, Showmax, and IrokoTV have given both Nollywood films and Afrobeats global distribution. Fifteen years ago, this simply didn’t exist,” said the report.
